Fiennes, who played Lord Voldemort in the Potter films, has garnered Oscar nominations for both The English Patient and Schindler's List, and made his directing debut earlier this year with a contemporary adaptation of Shakespeare's Coriolanus. At this year's Bifas he will pick up the Richard Harris award for outstanding contribution to film by an actor, a prize that has previously gone to figures such as John Hurt, David Thewlis, Bob Hoskins, Daniel Day-Lewis and Helena Bonham Carter.

Branagh was handed two of his four Oscar nominations to date for directing and starring in Henry V, based on the Shakespeare play, in 1989. He portrayed vain Hogwarts professor Gilderoy Lockhart in Harry Potter and the Chamber of Secrets. The Belfast-born actor will receive the Variety award, which honours those whose work has helped focus the international spotlight on the UK.

Last year's awards were dominated by The King's Speech, which took five gongs including best British independent film and acting honours for stars Colin Firth, Helena Bonham Carter and Geoffrey Rush. This year's main contenders are Steve McQueen's salacious festival smash Shame, Tomas Alfredson's critically acclaimed John Le Carré espionage drama Tinker Tailor Soldier Spy and Paddy Considine's debut feature, Tyrannosaur, all of which have garnered seven nominations. All three will also compete for the best independent British film prize alongside Lynne Ramsay's Lionel Shriver adaptation We Need to Talk About Kevin and Asif Kapadia's Formula One documentary Senna.

The Bifa ceremony will be hosted this year by Irish actor Chris O'Dowd, star of Bridesmaids and The IT Crowd. It will take place in central London on Sunday 4 December.